Friday, September 17, 2010

Elliott Wave Update - September 17th

The market did gap up as I was speculating but it did not reach the upper trendline (marked green) on the broadening top. So there is a possibility for the market to make a run to that trendline before reversing. I sold my hedge and traded my SDS positions and improved it 1.5 points. So I am going into the weekend short and unhedged. Normally, I would have kept some of the hedge but the last few minutes of the session had an impulsive wave on the sub-minuette (second chart), so I am trading assuming that was a W1-W2 of a "C", which would make the market gap down on Monday. Whatever it is, optimism is reaching an extreme based on no news. If we make another high, I will use margin to short.

No comments:

Post a Comment